Metropolitan Bank Holding Corp. $MCB Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 64,517 shares of Metropolitan Bank in the second quarter, worth approximately $6.4 million and representing about 0.52% of the company. Several other institutions also initiated or increased positions, with institutional investors collectively owning 79.83% of outstanding shares.
• Metropolitan Bank reported quarterly earnings of $1.54 per share, missing the $2.30 analyst consensus, while revenue of $93.01 million was roughly in line with estimates. The company increased its quarterly dividend to $0.35 per share, implying a 1.6% yield.
• MCB shares opened at $89.67, below the analyst consensus price target of $105. Analysts maintain an overall “Buy” rating, although UBS and Keefe, Bruyette & Woods recently lowered their price targets.

Bank of America Corp DE bought a new position in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 64,517 shares of the company's stock, valued at approximately $6,372,000. Bank of America Corp DE owned about 0.52% of Metropolitan Bank as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Metropolitan Bank in the 2nd quarter worth $119,413,000. Basswood Capital Management L.L.C. purchased a new position in shares of Metropolitan Bank in the second quarter worth $20,776,000. Bank of New York Mellon Corp bought a new position in shares of Metropolitan Bank during the second quarter valued at $19,295,000. Ranger Investment Management L.P. bought a new position in shares of Metropolitan Bank during the second quarter valued at $10,849,000. Finally, Algert Global LLC boosted its position in shares of Metropolitan Bank by 152.2% during the second quarter. Algert Global LLC now owns 81,373 shares of the company's stock valued at $8,036,000 after buying an additional 49,103 shares during the last quarter. Institutional investors own 79.83% of the company's stock.

Metropolitan Bank Stock Performance

Shares of MCB opened at $89.67 on Monday. The firm has a market capitalization of $1.11 billion, a P/E ratio of 11.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.97 and a quick ratio of 0.97. Metropolitan Bank Holding Corp. has a one year low of $64.66 and a one year high of $102.04. The business has a fifty day moving average of $91.81 and a 200 day moving average of $90.63.

Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share for the quarter, missing analysts' consensus estimates of $2.30 by ($0.76). Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%. The firm had revenue of $93.01 million during the quarter, compared to the consensus estimate of $93.39 million.

Metropolitan Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st were paid a dividend of $0.35 per share. The ex-dividend date was Friday, July 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. This is a boost from Metropolitan Bank's previous quarterly dividend of $0.25. Metropolitan Bank's dividend payout ratio is 17.72%.

Insider Buying and Selling at Metropolitan Bank

In other news, Director Dale Fredston sold 2,000 shares of the business's stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $89.09, for a total transaction of $178,180.00. Following the completion of the sale, the director owned 14,668 shares of the company's stock, valued at $1,306,772.12. The trade was a 12.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Dougherty acquired 1,000 shares of Metropolitan Bank stock in a transaction dated Thursday, July 23rd. The stock was bought at an average price of $89.98 per share, with a total value of $89,980.00. Following the completion of the purchase, the chief financial officer directly owned 33,197 shares in the company, valued at $2,987,066.06. This represents a 3.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders sold 13,897 shares of company stock worth $1,291,542. 5.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MCB. Weiss Ratings reiterated a "buy (b)" rating on shares of Metropolitan Bank in a report on Friday, August 7th. Wall Street Zen cut shares of Metropolitan Bank from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Keefe, Bruyette & Woods dropped their price target on shares of Metropolitan Bank from $120.00 to $110.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. Finally, UBS Group reduced their price target on shares of Metropolitan Bank from $110.00 to $100.00 and set a "neutral" rating for the company in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Metropolitan Bank has an average rating of "Buy" and a consensus target price of $105.00.

Metropolitan Bank Profile

Metropolitan Bank is the bank holding company for Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York City. Founded in 1999, the bank provides banking and financial services to businesses, nonprofit organizations, public entities, entrepreneurs and individual customers.

Its offerings include commercial and industrial lending, commercial real estate and multifamily loans, residential lending, business and consumer deposit accounts, treasury management, cash-management services and private banking.

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